As of 9:00 a.m. PST, mortgage interest rates are the same as what I posted last Friday. By the time I've pressed the "publish" button...these rates may not be accurate.
Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties)
30 Year Fixed: 5.875% (APR 6.013%). Payment per $1000 = $5.92
30 Year Fixed with 10 Year Interest Only: 6.125% (APR 6.265%). Payment per $1000 = $5.10
7/1 ARM: 5.625% (APR 5.761%). Payment per $1000 = $5.76
5/1 ARM: 5.500% (APR 5.635%). Payment per $1000 = $5.68
5/1 ARM with 10 Year Interest Only: 5.625% (APR 5.761%). Payment per $1000 = $4.69
JUMBO (Non-Conforming) Rates. Pricing is based on the same criteria above, with the exception that the loan amount is $417,001-$650,000 (20% down).
30 Year Fixed: 6.125% (APR 6.268%). Payment per $1000 = $6.08
30 Year Fixed with interest only payments: 6.125% (APR 6.268%). Payment per $1000 = $5.10
5/1 ARM: 6.00% (APR 6.146%). Payment per $1000 = $6.00
5/1 ARM with 10 Year interest only payments: 6.00% (APR 6.146%). Payment per $1000 = $5.00
On a recent post, Ardell commented "If they say it changed in the 3 hours it took you to call them all, they were lying in the first place". This is in regards to getting rate quotes from loan originators. As a matter of fact, rates change throughout the day.
Some lenders have rate sheets that are issued when they decide to reprice for better or worse and others have "live" pricing similar to what you might see with the stock/bond markets. As a Correspondent Lender, we work with both types of pricing depending on which lender we're using.
Here's an example from just one of the lenders we work with, Wells Fargo, issued new rates sheets for the last week of March 2007 (CST):
Monday, March 26 at 8:30
Monday, March 26 at 10:25
Tuesday, March 27 at 8:30
Wednesday, March 28 at 8:30
Wednesday, March 28 at 2:15
Thursday, March 29 at 8:30
Friday, March 30 at 8:30
Depending on economic events, mortgage rates can and do change during the day. If on Monday, March 26, you began calling first thing in the morning and then waited two hours to call the next person, your rates may be different (assuming your Loan Originator is obtaining the most updated rates and not relying on their "morning rate sheet").
I'll keep saying this, until I'm blue in the face...selecting a Mortgage Professional by shopping interest rates alone is a fools game and not in your best interest.
